NEW HORIZON HEALTH(06606.HK):SALES RAMP UP
NEW HORIZON HEALTH(06606.HK):SALES RAMP UP
New Horizon Health announced 1H23 results, with revenue of Rmb823m (+265%YoY), and adjusted net profit of Rmb61m (vs adjusted net losses of Rmb106m in 1H22), inline with its previous profit alert and our expectation. Its blended gross profit margin reached 87% (vs 82% in 1H22) in 1H23. Its selling expense ratio reached 70% in 1H23 (vs 87% in 1H22). The strong growth is mainly due to the sales ramp up of three commercialized products, including ColoClear, Pupu Tube, and UU tube. We maintain our EPS forecast of -Rmb0.06 in 23E, Rmb0.53 in 24E, and Rmb1.30 in 25E (+145% YoY). We maintain our target price of HK$56. With 219% upside, we maintain our BUY recommendation.
New Horizon Health公佈了23年上半年業績，收入爲人民幣8.23億元（同比增長265％），調整後的淨利潤爲人民幣6.100萬元（而22年上半年調整後的淨虧損爲1.06億元人民幣），與之前的盈利預告和我們的預期一致。其混合毛利率在23年上半年達到87％（上半年爲82％）。其銷售支出比率在23年上半年達到70％（而上半年爲87％）。強勁增長主要是由於三種商業化產品的銷售增長，包括ColoClear、Pupu Tube和UU tube。我們維持23E每股收益爲-0.06元，24E爲0.53元人民幣，25E爲1.30元人民幣（同比增長145％）的預測。我們維持56港元的目標價。上漲幅度爲219％，我們維持買入建議。
Strong sales ramp up with multi-cancer screening pipeline products. In 1H23, the revenue of ColoClear, Pupu Tube, and UU tube reached Rmb491m (+566% YoY), Rmb124m (+81% YoY) and Rmb206m (+147% YoY), respectively. As for the sales channel of ColoClear, hospital channel contributed the highest proportion of sales and is the fastest growing channel, compared with the direct-to-consumer channel and health checkup centers. The company accelerated the admission process in public hospitals 1H23, with ColoClear been admitted by c.300 public hospitals. In addition, the revenue-recognized volume of ColoClear, Pupu Tube, and UU tube grew 354% YoY, 40% YoY and 111% YoY in 1H23, reaching 428,700 units, 4,096,600 units, and 2,912,100 units. In addition, CerviClear for cervical cancer screening has obtained CE Mark and commercially launched in Hong Kong in 1H23. Besides, the company's pipeline also includes LiverClear for liver cancer screening, NPClear for nasopharyngeal cancer screening, and a pan-cancer early detection program (PANDA).
多癌症篩查產品線產品銷售強勁。23年上半年，ColoClear、Pupu Tube和UU tube的收入分別達到人民幣4.91億元（同比增長5.66％）、1.24億元人民幣（同比增長81％）和人民幣2.06億元（同比增長147％）。至於ColoClear的銷售渠道，與直接面向消費者的渠道和健康體檢中心相比，醫院渠道佔銷售額的比例最高，也是增長最快的渠道。該公司加快了23年上半年公立醫院的入院流程，大約有300家公立醫院收治了ColoClear。此外，ColoClear、Pupu Tube和UU tube的收入確認銷量在23年上半年同比增長354％，同比增長40％，同比增長111％，達到428,700輛、4,096,600輛和2912,100輛。此外，用於宮頸癌篩查的CerviClear已獲得CE認證，並於23年上半年在香港上市。此外，該公司的產品線還包括用於肝癌篩查的LiverClear、用於鼻咽癌篩查的NpClear和泛癌早期發現計劃（PANDA）。
Margin improvement. The gross profit margin of ColoClear, Pupu Tube, and UU tube was 91% (vs 76% in 1H22), 87% (vs 80% in 1H22) and 94% (vs 90% in 1H22) in 1H23, respectively. The rising gross profit margin of ColoClear is mainly due to the lower cost per test thanks to economics of scale, higher revenue per test in hospital and health checkup centers; and change of channel mix. In addition, the rising gross profit margin of Pupu Tube, and UU tube is mainly attributable to the lower manufacturing cost per unit and higher revenue per test.
利潤率提高。23年上半年，ColoClear、Pupu Tube和UU tube的毛利率分別爲91％（上半年爲76％）、87％（上半年爲80％）和94％（上半年爲90％）。ColoClear毛利率的上升主要是由於規模經濟性降低了每次測試的成本，醫院和健康體檢中心的每項測試收入增加，以及渠道組合的變化。此外，Pupu Tube和UU tube的毛利率上升主要歸因於單位制造成本的降低和每次測試的收入增加。
Maintain BUY. We maintain our EPS forecast of -Rmb0.06 in 23E, Rmb0.53 in 24E, and Rmb1.30 in 25E (+145% YoY). We maintain our target price of HK$56. With 219% upside, we maintain our BUY recommendation.
維持買入。我們維持23E每股收益爲-0.06元，24E爲0.53元人民幣，25E爲1.30元人民幣（同比增長145％）的預測。我們維持56港元的目標價。上漲幅度爲219％，我們維持買入建議。
Risks. Rising competition in the cancer screening market; lower-than-expected penetration rate; delay of pipeline progress.
風險。癌症篩查市場的競爭加劇；滲透率低於預期；研發進展延遲。
譯文內容由第三人軟體翻譯。